Owens Corning (NYSE:OC) Shares Bought by Harmony Asset Management LLC

Harmony Asset Management LLC boosted its holdings in shares of Owens Corning (NYSE:OC) by 392.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,090 shares of the construction company’s stock after buying an additional 12,025 shares during the quarter. Owens Corning accounts for 1.0% of Harmony Asset Management LLC’s investment portfolio, making the stock its 26th largest position. Harmony Asset Management LLC’s holdings in Owens Corning were worth $2,570,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. PharVision Advisers LLC acquired a new stake in Owens Corning during the 4th quarter worth approximately $322,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Owens Corning by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company’s stock worth $125,980,000 after buying an additional 12,394 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in Owens Corning by 21.6% during the 4th quarter. Voloridge Investment Management LLC now owns 119,993 shares of the construction company’s stock worth $20,437,000 after buying an additional 21,313 shares in the last quarter. Woodline Partners LP lifted its holdings in Owens Corning by 482.1% during the 4th quarter. Woodline Partners LP now owns 73,546 shares of the construction company’s stock worth $12,526,000 after buying an additional 60,911 shares in the last quarter. Finally, iSAM Funds UK Ltd lifted its holdings in Owens Corning by 36.8% during the 4th quarter. iSAM Funds UK Ltd now owns 6,680 shares of the construction company’s stock worth $1,138,000 after buying an additional 1,798 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Down 4.3%

NYSE OC opened at $135.11 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm’s fifty day moving average price is $141.03 and its 200 day moving average price is $165.82. The company has a market capitalization of $11.49 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s revenue was up 25.4% on a year-over-year basis. During the same period last year, the firm posted $3.40 EPS. On average, sell-side analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OC. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. UBS Group reduced their price objective on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Barclays reduced their price objective on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $186.64.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.